I think Raimi doing the Lizard would have been incredible. That character fits Raimi's tone perfectly, while it was probably the weakest link in Webb's film.

Back when Lizard was a contender for a Raimi film, there was rumoured resistance on Sony's part. I've read the studio weren't too fond of a villain that far removed from human features. I read that as recently as 2010/11 when SM4 was going ahead, and speculated that it may have even been a ploy by Sony to hang on to Lizard for their planned reboot.